With inflation rising and consumer spending continuing to drop, can it really be a good time to buy a franchise?
“Yes,” said FranChoice President Lori Kiser-Block. “While the headlines concentrate on what isn’t working in our economy, there are still plenty of businesses that are thriving. If you know what to look for in a franchise business, you can actually take advantage of some aspects of the current economic environment to lower your start-up costs.
“For example,” said Kiser-Block, “current low interest rates can mean that borrowing money for your purchase will cost you less. A higher unemployment rate means you will have more good employees to choose from to help you run your business. You may also find that you can now buy or rent business property at a better price than you could have in the past.”
The key to finding a viable business in this economy, suggests Kiser-Block, is to choose a business that fulfills a need for consumers that cannot be put off until better times.
“Think about what you can and cannot live without,” said Kiser-Block, “and you’ll have an idea of business that can do well even in a slow economy.”
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